Cairo – Mubasher: Oriental Weavers posted consolidated net profits after tax valued at EGP 733.39 million in the first half (H1) of 2023, higher by 51.30% than EGP 484.63 million a year earlier, including minority interest.
Net sales hiked by 29% year-on-year (YoY) to EGP 8.39 billion in January-June 2023 from EGP 6.51 billion, according to the consolidated income statements.
In the first six months (6M) of 2023, the basic earnings per share (EPS) amounted to EGP 0.93, marking a decline from EGP 1.12 in H1-22
Standalone Business
The company generated EGP 618.43 million in standalone net profit after tax during 6M-23, versus EGP 748.01 million in 6M-22.
Sales enlarged to EGP 3.44 billion in H1-23 from EGP 2.73 billion in the year-ago period.
Financials for Q2-23
In the second quarter (Q2) of 2023, the EGX-listed firm registered annual growth in consolidated net profit after tax to EGP 329.87 million, compared to EGP 224.57 million, including non-controlling equity.
Furthermore, the consolidated net sales climbed to EGP 4.25 billion in April-June 2023 from EGP 3.24 billion during the same period in 2022.
As for the standalone business, the net profits after tax plummeted to EGP 63.53 million in Q2-23 from EGP 103.95 million in Q2-22, while the sales increased to EGP 1.60 billion from EGP 1.37 billion.
In Q1-23, Oriental Weavers recorded consolidated net profits after tax at EGP 403.52 million, compared to EGP 260.05 million in the three-month period that ended on 31 March 2022.
